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Health Check for your Insurances

When was the last time you actually reviewed your insurance? Do you just open the envelope with dread, make the payment, then forget about it? Do you even read through the covering letter?

As always the insurance market is extremely volatile and also changes in the nature of risks today with new technology has meant that the coverage that may have suited your business five years ago is no longer relevant.

Health check for your insurance?

One of the things you can do in conjunction with your Broker is to review your current programme limits. There has been a noticeable increase in natural disasters across the country and people are now beginning to understand that losses really can happen to anyone.

It is important to take the time to review your current programme with your Insurance Broker so you know exactly what products and cover is available – that is what Brokers are for.

It is tempting when looking at your bottom line to reduce the level of cover to save money. This will only provide you with short-term relief, and if something does happen, you may be penalised by Insurers for not declaring full values. The best approach is to discuss these complicated issues with your broker to ensure accurate values are declared, but you are still achieving the best value for your insurance dollar.


Often it is easier to implement policies required by law or by your association and not look at the full range of policies available for your business. Time constraints, inexperience with the insurance market, or concerns on cost can all come into play. The fact that every travel business in Australia is different also means it can be very difficult to know where to start.

The basics insurances of course are Workers Compensation, Public Liability & Professional Indemnity but there are many more including:

  • Business insurance for your assets
  • Business interruption if your business premises are damaged
  • Cover for Cash handling
  • Cyber Liability Insurance
  • Electronic Equipment Breakdown Cover
  • Life Insurance
  • Insolvency Insurances to protect your customers, and to protect you from chargebacks, if suppliers go broke

  • Cover for flood
  • Cover for the Glass in your premises
  • Management Liability Insurance
  • Corporate Travel Insurance
  • Income Protection Insurance

  • Insolvency Insurances to protect your customers if you go broke (TAIFI and Client Trust Account Insurance)

Should you wish us to review any aspect of your current programme, please feel free to contact Gow-Gates. Naturally there are many other additional insurance options available to address other risk areas for both your business and private circumstances.

The Travel Team at Gow-Gates Insurance Brokers would be happy to do a full audit on your insurances for you and look at any areas you perhaps have not had a chance to consider. Make this part of your New Year’s resolution to have your insurance programme thoroughly reviewed.


Designed specifically to address concerns about both consumer protection and credit card chargeback risks associated with Wholesaler Insolvency, the coverage that we can offer now provides protection for clients to be reimbursed by the Agent (to mitigate the potential of a claim being made against the Agent). Furthermore, it provides for the Agent to be reimbursed for credit card chargebacks up to a selected limit in respect of any one booking, and an annual aggregate limit in respect of all bookings following the insolvency of an ATAS Accredited Wholesaler.

Don’t forget, for the payment of a very reasonable additional premium your Gow-Gates / CGU Professional Indemnity Policy will enable you to reimburse your clients for any losses they may incur as a result of the failure of an ATAS Accredited Australian Wholesaler from $10,000 up to a maximum amount of $50,000.

This optional cover is available immediately and has the following advantages:-

  • no new forms to fill out to add this to your policy
  • no need to wait until renewal – it can be added to your policy with us immediately
  • no need to specify the Australian Wholesalers that you use
  • protects you from chargeback risk

This is not intended to be a replacement for the more extensive protection afforded by the IPP End Supplier Failure Insurance, instead it’s a different approach to providing cover that may better suit your circumstances.

If you believe that this issue is relevant to your business, please feel free to contact Rebecca Fleming, Account Manager of our Travel Industry Division at Gow-Gates Insurance Brokers on (02) 8267 9919 or to discuss your circumstances or to obtain a quotation.

Gow-Gates Insurance Brokers advises that persons should not act on the material contained in this article as the items are of a general nature only and may be misinterpreted. We therefore recommend that advice be sought before acting in these areas.

Gow Gates